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examples:

The obligation to follow the principal's lawful instructions falls under the duty of:

1. Care
2. Obedience
3. Loyalty
4. Disclosure

2. Which of the following would a broker, acting as agent for a seller, NOT be expected to do?

1. Arrive at a reasonable listing and selling price
2. Ensure that they receive the maximum commission
3. Investigate and discover material facts
4. Explain real estate documents

3. A(n) _________ may be generally defined as someone who represents another in dealings with third parties.

1. Consumer
2. Agent
3. Client
4. Principal

4. New York Real Property Law § 443-a pertains to which type of disclosures?

1. Mediation options
2. Fair Housing discrimination disclosure
3. Property disclosures
4. Commission splits

5. Brokers should know, and be able to explain:

1. Tort law
2. Criminal law
3. Real estate law
4. Contract law

6. An agent should always obey the instructions of their client, unless:

1. The instructions are illegal
2. The action doesn't make sense
3. The instructions make the sale difficult
4. The agent doesn't agree with the client

7. A consensual fiduciary relationship in which one party acts on behalf of and under the control of another in dealing with third parties, is the definition of:

1. Employment
2. Agency
3. Obedience
4. None of the answers shown

8. A doctrine in tort law that makes a broker liable for the wrong of an agent is called:

1. Habeas Corpus
2. Fiduciary responsibility
3. Respondeat superior
4. Fraud

9. Even unintentional failure to provide proper disclosure, could be considered:

1. Harmless error
2. Fraud
3. Disloyalty
4. Disobedience

10. A participant in an action or transaction especially having control is a(n):

1. Principal
2. Agent
3. Customer
4. Broker

11. A consensual fiduciary relationship in which one party acts on behalf of and under the control of another in dealing with third parties, is the definition of:

1. Employment
2. Agency
3. Obedience
4. None of the answers shown

12. The principles of agency are based on which system developed centuries ago in England?

1. Feudal law
2. Noble law
3. Common law
4. Parliamentary law

13. How are “customers” different from “clients”.

1. Customers never have to pay any fees
2. customers purchase services but do not form an agency agreement
3. customers are owed no ethical duties at all

14. The care that an ordinarily reasonable and prudent person would use under the same or similar circumstances is:

1. Normal care
2. Due care
3. Ordinary care
4. Typical care

15. Even unintentional failure to provide proper disclosure, could be considered:

1. Harmless error
2. Fraud
3. Disloyalty
4. Disobedience

16. Someone or something that acts or exerts power, a moving force in achieving some result is the definition of:

1. Buyer
2. Agent
3. Seller
4. REALTOR

17. An agent who acts in the best interests of the principal or client is said to be:

1. Loyal
2. Qualified
3. Confidential
4. Responsible

18. The obligations of an agent are to:

1. Act on behalf of themselves to achieve an end
2. Act on behalf of another to achieve an end
3. Act on behalf of themselves to prevent an end
4. Act on behalf of another to prevent an end

19. Fiduciary comes from the Latin word "fides" which means:

1. "Faith"
2. "Trust"
3. "Honesty"
4. "Care"

20. What is a fiduciary relationship?

1. Any real estate agreement
2. To act in the best interest of the agent
3. To be under complete control of another
4. To manage money or property for another

21. Which of these is a fiduciary responsibility?

1. Confidentiality
2. Obedience
3. Loyalty
4. All of the above

22. What is the biggest hazard of dealing with trust accounts?

1. Commingling
2. Inflation
3. An economic downturn
4. A failed transaction

23. The degree of competence that one is expected to exercise in a particular circumstance or role is:

1. Doctrine of oversight
2. Loyalty
3. Obedience
4. Standard of care

24. A "principal-agent" relationship may arise from:

1. only written contracts
2. only a spoken agreement
3. Actions taken by the agent that imply an agency relationship
4. All of the above

25. What type of agency relationship has the most financial and legal risk potential for agents?

1. Single agency
2. Dual agency
3. Designated agency
4. General agency

26. In an earlier period in the practice of real estate brokerage, agents would use a listing in which a seller would agree to sell for a certain amount and the broker kept any amount above that. What type of listing is this?

1. Open listing
2. Exclusive agency listing
3. Exclusive right to sell listing
4. Net listing

27. An agency relationship is a _________ and _________ obligation between two parties.

1. Moral; practical
2. Moral; legal
3. Practical; illegal
4. Practical; ethical

28. Giving notice in a manner that a reasonable person should have been aware of is what type of notice?

1. Fraudulent notice
2. Actual notice
3. Deconstructive notice
4. Constructive notice

29. Listing agents often find themselves in lawsuits because a listing agreement requires the broker to exercise his or her:

1. “All Resources”
2. "Best efforts"
3. "Right to rescind"
4. "Contingency plans"

30. Facts that an agent is responsible to know because the broker or client received notice is:

1. Imputed notice
2. Actual notice
3. Statutory Notice
4. Constructive notice

31. In what type of listing is a broker entitled to a commission regardless of who initiates or completes the transaction

1. Open listing
2. For Sale by Owner
3. Exclusive right to sell listing
4. Net listing

32. In what situation(s) can an agency relationship be terminated?

1. Completion
2. Expiration
3. Agreement
4. All of the above

33. A licensee who assists one or more parties through a transaction without being an agent for any party to the transaction is a(n):

1. Dual agent
2. Designated agent
3. Intermediary
4. Single agent

34. To whom is the subagent to be loyal?

1. Buyer
2. Listing agent
3. Buyer's agent
4. Themselves

35. What is NOT needed in order to form an agency agreement?

1. Principal
2. Compensation
3. Agent
4. None of these are needed to form an agency agreement

36. What is the most common example of a general agent?

1. Buyer's agent
2. Brokerage manager
3. A dual agent
4. Property manager

37. Traditionally, if the seller’s agent listed the property and entered it into the MLS. - Any agent who showed the listed property worked as a subagent of the:

1. Seller's agent
2. No one Seller
3. Buyer's agent
4. State of New York

38. Which agency termination situation would typically be preferred by both parties?

1. Abandonment
2. Completion
3. Impossible performance
4. Force of law

39. The critical difference in responsibility under tort liability between the average person and skilled professionals is known as:

1. Standard of care
2. Implied agency
3. Assumed risk
4. Loyalty

40. An agency that represents either just the buyer or just the seller is called:

1. Single agency
2. Dual agency
3. Subagency
4. Sole agency

41. The type of agency in which the agent represents the principal in a variety of matters related to a particular business is called:

1. Single agency
2. Dual agency
3. Designated agency
4. General agency

42. What has traditionally been the most common type of agency?

1. Seller agency
2. Buyer agency
3. Dual agency
4. Designated agency

43. In which type of listing was it common for more than one "for sale" sign to be placed on a property?

1. Open listing
2. Exclusive agency listing
3. Exclusive right to sell listing
4. Net listing

44. In many states a real estate agent may not sue for a commission unless there is a(n) ________ commission agreement.

1. Oral
2. Written
3. Implied
4. Express

45. Broker Mark is representing seller June. Before Mark could secure a buyer for the property, June was killed in an accident. Mark's agency agreement is subsequently ended. What type of agency termination does this situation represent?

1. Agreement
2. Expiration
3. Completion
4. Impossible performance

46. Agent Bill is about to show William's home to a potential buyer. William is concerned about a portion of the foundation that is crumbling and asks Bill to somehow cover it up so that the buyer does not notice. Bill informs William that this is against the law, but William insists that it is done. Bill plants a bush in front of the suspect area which successfully hides it from vision. The buyer purchases the house and later finds the undisclosed defect. Bill is sued for failing to disclose the defect. He claims that William should bear some of the blame. Is William liable?

1. Yes
2. No
3. Both William and Bill have no liability
4. Only Bill has financial and legal liability

47. In many states a real estate agent may not sue for a commission unless there is a(n) ________ commission agreement.

1. Oral
2. Written
3. Implied
4. Express

48. What type of agency relationship may be created unknowingly or unwittingly?

1. Express agency
2. Implied agency
3. Agency by estoppel
4. Agency by ratification

49. What is the most common misconception about agency?

1. In order to create an agency relationship, a client must provide immediate compensation
2. The party that pays the fees determines agency relationships
3. The agent who is showing you a property automatically represents you
4. Agency relationships can only be between agents and sellers

50. Which fiduciary obligation(s) does/do NOT necessarily end with the expiration of an agency agreement?

1. Loyalty
2. Obedience
3. Accounting
4. Confidentiality

51. An agency that is not created by a principal and an agent but one that is imposed by law when a principal acts in such a way as to lead a third party to reasonably believe that another is the principal’s agent and the third party is injured by relying on and acting in accordance with that belief is called what?

1. Express agency
2. Dual agency
3. Agency by estoppel
4. Agency by ratification

52. Facts that an agent is assumed to know because they are known by their principal or a subordinate agent would be considered:

1. Imputed knowledge
2. Actual knowledge
3. Fiduciary Knowledge
4. Constructive knowledge

53. What are the best companies to target when first entering the market for relocation employees?

1. Small to medium size, with 10 or fewer people relocating every two years
2. Large to medium size, with 50 or more people relocating a year
3. Medium size, with 30 to 50 people relocating every two years
4. None of the above

54. What is NOT one of the benefits to the seller when the buyer has their own buyer's agent?

1. No longer need to worry about vicarious liability
2.  Commissions will be lowered
3. The buyer would most likely sue the buyer's agent in the event a property defect was not discovered
4. No longer responsible for the actions of a subagent

55. Which of these is a benefit to the broker in a buyer agency agreement?

1. Greater client loyalty
2. Absence of liability for acts of the listing broker
3. Avoidance of conflict of interest
4. All of the above

56. The needs of the over-55 buyer may include:

1. Vacation homes
2. Downsizing from current home
3. Access to recreational and cultural activities
4. All of the above

57. What type of property is the least likely to be listed with a local MLS in New York state?

1. Residential
2. Investment
3. Commercial
4. Town houses

58. In which type of buyer agency agreement is the broker guaranteed a commission regardless of whether or not the buyer agent handled the transaction?

1. Single property
2. Exclusive right to represent
3. Self-representation
4. Open agency agreement

59. Above all, buyer’s agents offer undivided loyalty and strive to protect the ___________________ throughout the transaction.

1. Seller's interests
2. Buyer's interests
3. Interests of their brokerage
4. Interests of the listing agent

60. What publication in 1983 showed a need for reform to agency law? was?

1. FTC report on unclear and unfair agency laws
2. NAR Code of Ethics
3. ARELLO Guidelines
4. NAEBA lawsuit against agents

61. When working with a relocation client, the companies are usually most interested in:

1. To find rental properties rather than purchasing homes
2. How efficiently the agents work and follows the corporate relocation package benefits
3. How may franchises the broker owns
4. The cheapest agent regardless of quality

62. Whose responsibility is it to insure that the earnest money in the purchase contract is collected and deposited?

1. The buyer
2. The seller
3. The buyer's agent
4. The bank representative

63. What is NOT one of the general provisions of a buyer contract?

The agent will assist the buyer in finding a property and negotiating the purchase

Specific duties of the agent will be identified

The buyer will furnish financial information to the agent

The agent will pay a commission to the buyer

64. What form of compensation is the same regardless of the purchase price for the property?

Flat fee

Percentage fee

All of the above

None of the above

65. A disclosure form or statement is:

Not required in most states

Not a binding contract

Not necessary to help customers make an informed decision

Not a form licensees should be need to understand

66. What type of buyer agency agreement allows a seller to work with one agent, but not have to pay a commission if the seller themselves find the buyer.

Single property

Exclusive right to sell

Exclusive agency

Dual agency

67. At the moment the listing is obtained, the listing broker should disclose to the seller:

Whether the listing broker will share fees with subagents or buyer's agents

Whether the property will be listed in the MLS

Whether other brokers will become subagents of the listing agent

All of the above

68. For homes built prior to 1978, a buyer's agent should insure that their client receives which disclosure?

Asbestos

Mold

Lead-based paint

Radon

69. How does a business relationship protect an agent from other agents?

It does not allow other agents to "steal" buyers

It provides an agreement that allows multiple agents to represent the buyer

It increases the agent's liability

It does not guarantee an agent's compensation

70. What does the acronym ARELLO stand for?

Association of Real Estate Local Law Officials

Association of Real Estate Licensed Legal Officials

Association of Real Estate Listing Law Officials

Association of Real Estate License Law Officials

71. What type of fee is most commonly used to weed out buyers who are not serious in their commitment and may just be shopping around?

Hourly rate fee

Retainer fee

Percentage fee

Flat fee

72. Which form of compensation suggests that the agent is more of a consultant?

Percentage fee

Flat fee

Hourly rate

Commission

73. Which organization, founded in 1995, protects the interests of buyer’s agents?

NAR

NAEBA

FTC

ARELLO

74. A permanent file for a transaction should include:

Only the written agency agreement

Records regarding transactions made by the client

All records regarding that particular transaction

There is no permanent file

75. As a buyer’s agent, you are responsible for ensuring that your client understands the conditions of the purchase agreement, including:

"time is of the essence"

"failure to fulfill"

"seller's right of way"

"buyer's bidding"

76. What organizations picked up a large market share of the real estate professional business in the 1990s through their policies of REALTOR® Multiple Listing Services and the REALTOR® Code of Ethics were amended to make seller agency optional and to recognize the possibility of buyer agents.